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Mike Bloomberg on Budget & Economy
Independent possibility for President
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Turned NYC’s $5 billion deficit into a $4 billion surplus
Today, New York City’s economy is stronger than ever. We’ve turned a $5 billion deficit into a $4 billion surplus. We drove annual unemployment last year to an all-time low, and our bond rating has climbed to an all-time high--Double AA.
The income tax hikes have been rolled back. The property tax hikes have been offset through $400 rebates for homeowners. But we’re not just using the surplus to cut taxes--we’re also saving for the future.
Source: Speech at “Ceasefire! Bridging The Political Divide” meeting
Jun 18, 2007
Balanced $6B deficit with higher property taxes
When he took office, Bloomberg faced a city-budget deficit of $6 billion. He balanced the budget through higher property taxes and cuts to city agencies, spread equally with the exception of the Police and Fire Departments.
After Mayor Bloomberg tried to slash the budgets of dozens of arts groups, Citizen Bloomberg sent checks to many of the affected organizations. “It’s not as if they get cut from one place and get added to the other,” a spokesperson says.
“He doesn’t mix up private philanthropy with the city’s budget.” But the practice seems to contain elements of guilt and strategy. The effect of Bloomberg’s personal largesse has been
to shield him from being seen as a heartless budget-cutter, to buy off dissent. He also avoids angering friends who sit on cultural boards and the museum-going public whose votes he needs: See, I’m not really a Republican.
Source: Chris Smith, New York Magazine
Oct 3, 2005
Page last updated: Feb 08, 2010